White House walks back Donald Trump’s tweet claiming Saudi Arabia will boost oil production to lower prices
Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the nuclear deal between Tehran and world powers
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference … Prices to high! He has agreed!,” Trump said on Twitter Saturday.
Later, the White House released a more cautious statement saying “the two leaders reaffirmed their dedication to a healthy and stable global energy market for the benefit of all nations.”
“The two leaders agreed that balancing the global oil market is essential to ensure access to reliable and affordable energy to people everywhere,” it said.
“In response to the president’s assessment of a deficit in the oil market, King Salman affirmed that the kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality.”
The Saudi Press Agency said Trump had called Salman and the two highlighted “the necessity of doing efforts to preserve the stability of the oil market and the global economy growth.”